Owning A Home ‘Always Cheaper Than Renting’

A new survey has found that owing your property is cheaper than renting in every part of the UK.

Santander revealed that, on average, a first-time buyer (FTB) will save £2,268 a year when they pay a mortgage rather than paying rent.

Naturally, the amount you save depends on which part of the UK you live in. Unsurprisingly, the biggest savings were made in London, where the difference between rent and mortgage payments was a staggering £289 per month.

Managing director of mortgages at Santander UK Miguel Sard said that he understands the challenges FTBs face when saving for a deposit. However, he added: “Buying a property is a major financial investment with upfront costs to consider, but long-term the financial benefits can be significant.”

He also pointed out that, in addition to the money you’re saving each month by paying a mortgage instead of rent, you’re also going to own a property at the end of it.

FTBs are also looking at different ways of saving the money they need for a deposit on a home, the research found. 38 per cent said they’d consider moving back in with their parents to save money, while 21 per cent were prepared to give up alcohol to save more towards buying a home.

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